{"id":244937,"date":"2021-05-07T20:08:32","date_gmt":"2021-05-07T17:08:32","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/goldman-sachs-launches-limited-btc-derivatives-trading-desk\/"},"modified":"2021-05-07T20:08:32","modified_gmt":"2021-05-07T17:08:32","slug":"goldman-sachs-launches-limited-btc-derivatives-trading-desk","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/goldman-sachs-launches-limited-btc-derivatives-trading-desk\/","title":{"rendered":"#Goldman Sachs launches limited BTC derivatives trading desk"},"content":{"rendered":"

“#Goldman Sachs launches limited BTC derivatives trading desk<\/strong>”<\/p>\n

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                After years of anticipation, Goldman is finally offering institutional partners trading services.\n                <p>One of the largest investment banks in the world just launched a cryptocurrency trading desk \u2014 though executives made sure to specify they would only be trading derivatives, and will not have actual digital assets on the books.\u00a0\n<\/code><\/pre>\n
A CNBC report this morning revealed a internal Goldman Sachs memo announcing the launch of a cryptocurrency trading desk. The desk will be part of Goldman\u2019s Global Currencies and Emerging Markets division, and overseen by Digital Assets head Mathew McDermott.<\/p>\n
The news<\/a> comes shortly after a report yesterday that Goldman had begun offering BTC trading to clients via non-deliverable forwards (NDFs), a derivative tied to the price of Bitcoin. Observers noted that this choice of derivative lessens Goldman\u2019s risk of exposure to BTC because the vehicles are bought and settled in cash.<\/p>\n
The memo, written by Goldman partner Rajesh Venkataramani, noted that the newly-formed trading desk currently will only trade in NDFs, alongside \u201cCME BTC future trades on a principal basis, all cash settling.\u201d<\/p>\n
Venkataramani noted that the asset management giant \u201cis not in a position to trade bitcoin, or any cryptocurrency (including Ethereum) on a physical basis\u201d and that they would be circumspect about trading and offering clients exposure to assets aside from Bitcoin derivatives.<\/p>\n
\u201cLooking ahead, as we continue to broaden our market presence, albeit in a measured way, we are selectively onboarding new liquidity providers to help us in expanding our offering,\u201d he wrote.<\/p>\n
Goldman has maintained a on-again, off-again relationship with cryptocurrencies. In late 2017 there were rumors that the asset management firm was exploring a desk (though they were concerned with security then, as well), a move that some jokingly refer to as a top signal \u2014 though in 2019 Goldman Sachs CEO David Solomon refuted that story. <\/p>\n
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Us old-timers have learned that whenever @GoldmanSachs<\/a> enters a market niche it is time to guard your money. $BTC<\/a> pic.twitter.com\/tHfRkS4igb<\/a><\/p>\n
\u2014 Peter Brandt (@PeterLBrandt) March 1, 2021<\/a><\/p><\/blockquote>\n
Despite the cautious entry into trading, Goldman has been aggressively pursuing other avenues to benefit from blockchain technology<\/a>. The firm is participating in a recently-announced $120 million digital bond sale on Ethereum, and earlier in the week participated in a $15 million raise for crypto intelligence startup Coin Metrics.\u00a0<\/p>\n